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GBP/USD. The Pound is Struggling to Realize a Bullish Scenario

GBP/USD. The Pound is Struggling to Realize a Bullish Scenario | 16 August 2024

16 August 2024, GBP/USD

GBP/USD. The Pound is Struggling to Realize a Bullish Scenario

Unlike the euro, the pound is holding its ground, occasionally pushing back, maintaining buyers' chances of realizing a bullish impulsive scenario. The situation has not undergone any significant changes, and it is quite possible that wave 3 of an upward impulsive movement is currently forming.
If this is indeed the case, we can expect a slight update to the current upward wave's maximum in the near future, followed by a corrective movement, which may take the form of a simple zigzag. After that, the resumption of the upward impulsive movement is anticipated.
Given this situation, it is advisable to refrain from any trading actions for now. It is essential to wait for confirmation of the scenario before attempting to enter any trading positions.
Investment Idea: Flat.
Bob Stan
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